The Marginal Rate of Technical Substitution Always Equals

question 59

Multiple Choice

The marginal rate of technical substitution always equals

• A)the slope of the total product curve.
• B)the ratio of the marginal products of inputs.
• C)the change in output due to a change in the amount of one input.
• D)the distance between two isoquants.

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Definitions:

Blackmails

The act of demanding payment or another benefit from someone in return for not revealing compromising or damaging information about them.

Voidable

A term referring to a legal agreement or transaction that is valid but may be annulled by one of the parties involved.

Mutual Mistake

A situation in a contract where all parties have a shared misunderstanding regarding a fundamental fact or factor in the agreement.

Fraudulent Misrepresentation

A false statement made knowingly or recklessly with the intent to deceive, leading another to enter into an agreement or suffer a loss.